Brent Crude Surges Past $116 as Iran Conflict Escalates

Brent crude prices remained above $116 per barrel as geopolitical tensions intensified following Houthi strikes against Israel. The crisis has expanded to include damage to energy infrastructure in Qatar, raising significant long-term implications for global LNG markets. The head of the International Energy Agency (IEA) described the current energy crisis as the worst in history, surpassing all previous crises combined. Analysts at JP Morgan warned that Asia will be hit hardest, while ECB President Christine Lagarde highlighted growing economic risks. Naeem Aslam, CIO at Zaye Capital Markets, noted that crude oil markets are holding firm despite extreme sensitivity to macroeconomic factors. These developments have intensified the global focus on energy security and the urgent necessity of diversifying suppliers due to the conflict. Investors are now bracing for a prolonged threat as the crisis impacts both oil and gas supply chains, maintaining volatility in safe-haven assets like XAU/USD.